Cablevision Systems yesterday posted a wider third-quarter loss but delivered solid results in other areas, driven mainly by subscriber growth in digital services and strength of its Rainbow Media programming unit.
The Bethpage, L.I.-based company posted a loss of $79.3 million for the quarter, compared with $59.2 million a year ago.
The results marked the first set of earnings released since investors rejected the controlling Dolan family’s $36.26 per share takeover offer two weeks ago.
Revenue jumped 9.4 percent to $1.5 billion, while cash flow increased 15.5 percent to $494.3 million. In addition to cable systems serving 3 million customers, the company owns Madison Square Garden, the New York Knicks and the Rangers.
Shares in Cablevision sank 8 cents to close at $26.45, nearly $10 below the Dolans’ offer to take the company private.
The stock decline was fueled in part by investor concern about Verizon’s increasingly competitive TV service FiOS, which is now available in roughly 25 percent of Cablevision’s market.
The company lost 16,000 basic subscribers in the quarter.